Will your home owners insurance cover you in a disaster? No one likes to think about disasters. Severe weather, fire, theft—or even a seemingly small issue like a broken pipe—can wreak havoc on your home and result in thousands of dollars in damages. Fortunately, a good homeowners insurance policy can offer you peace of mind that you and your family will be financially protected if disaster strikes. A homeowners insurance policy covers your home—as well as the belongings in it—in case of theft, accidental damage, or certain natural disasters. In fact, most financial institutions require that you purchase homeowners insurance before they issue a mortgage. While coverage varies, most policies also help to protect you from liability should someone outside your household become injured on your property. And that liability coverage is often extended to include damage you (or anyone living in your household) may do to someone else’s property.1 With all the protection offered, it’s equally important to understand what a home insurance policy does NOT cover. For example, homeowners insurance won’t pay to repair malfunctioning systems and appliances within your home. And terms vary, but standard policies typically exclude coverage related to floods, earthquakes, slow leaks, power failure, neglect, aging, faulty repairs or construction materials, and acts of war. www.westernmahomes.net Lesley Lambert, Western MA REALTOR with Park Square Realty 413-575-3611

1. Homeowners Insurance Covers Things Like:
• Structure
• Roof
• Windows
• Furniture/Personal Belongings
• Liability for Non-Residents Injured on Property
• Liability for Damage or Injury Caused by You
or Your Pets
Most Standard Policies DON’T Cover2
:
• Malfunctioning Systems and Appliances
• Floods or Earthquakes
• Slow Leaks
• Power Failures
• Neglect or Aging
• Faulty Repairs
No one likes to think about disasters. Severe
weather, fire, theft—or even a seemingly small
issue like a broken pipe—can wreak havoc on
your home and result in thousands of dollars in
damages. Fortunately, a good home insurance
policy covers your home—as well as the
belongings in it—in case disaster
strikes. While terms vary, most
policies also help to protect you
from liability if someone outside
your household becomes injured
on your property. And that liability
coverage is often extended to include damage
you (or anyone living in your household) may do
to someone else’s property.1
Are You Covered?
A Homeownerʼs Insurance Guide

2. If you have questions about purchasing
homeowners insurance or a home
warranty—or if you would like a referral to
a reputable broker—give us a call! We’re
here to help.
“While you never want to
leave yourself without a safety
net, you also don’t want to
overpay for insurance you
don’t need (and will hopefully
rarely use). Aim to strike a
balance that will provide you
with adequate protection at an
affordable price.”
Sources: 1. Insurance Information Institute 2. Insure.com 3. American Home ShieldNEED GUIDANCE? WE CAN HELP
HOME WARRANTIES
Some homeowners choose to supplement their insurance
coverage by purchasing a home warranty, which covers many
of the systems and appliances in your home that are NOT
covered by homeowners insurance. While policy terms and
coverage vary, a home warranty will often cover the cost (after
deductible) to repair or replace components of your HVAC,
electrical, plumbing and some appliances that fail due to age
or typical wear and tear. Unlike homeowners insurance, home
warranties aren’t required by mortgage companies. But many
homeowners like the added financial protection and peace of
mind that home warranties provide.3
• A Home Warranty Covers Things Like:
• Plumbing
• HVAC
• Electrical
• Major Appliances
MINIMIZE RISK, MAXIMIZE VALUE
Now that you understand the basics of homeowners
insurance, you should be ready to start shopping for a policy
that best fits your needs and budget. Your goal should be to
minimize your risk while maximizing the value your policy
provides. While you never want to leave yourself without a
safety net, you also don’t want to overpay for insurance you
don’t need (and will hopefully rarely use). Aim to strike a
balance that will provide you with adequate protection at an
affordable price.
Once you’ve purchased your policy, avoid setting the annual
renewal on autopilot. Instead, take some time to consider
factors that have changed over the past year. Home
improvements, a shift in market conditions, a new
home-based business, or even growth in your overall net
worth could mean it’s time to reassess your coverage.
The above references an opinion and is for informational purposes only. It is not intended to be financial or insurance advice. Consult the appropriate professionals for advice regarding your individual needs.
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